Kuwait, 29/01/2013: GIC announces that its Board of Directors has appointed Mr. Ibrahim A. AlQadhi as the Chief Executive Officer of the Corporation effective February 4th 2013. Commenting on this appointment, Mr. Khaled Al-Khattaf, the Chairman of the Board stated that “The Board of Directors is pleased to announce the appointment of Mr. Ibrahim AlQadhi as the new CEO of GIC since he has diverse capabilities and an accumulated experience that spans over thirty years, sixteen of which were in the field of investment and fourteen years in banking”.

The Chairman of the GIC Board added that “After graduating with honors from the Business School of Kuwait University majoring in Finance in early 1983, Mr. Ibrahim AlQadhi started his professional career at Kuwait Investment Company, KIC, where his tenure lasted sixteen years and where his responsibilities included Head of the Asian Investments, Portfolio Manager of Foreign Investments, and ultimately Executive Director of Foreign and Domestic Portfolios. In 1998, Mr. AlQadhi was selected to become the Executive Director of the Supervision Sector at the Central Bank of Kuwait (CBK) where he spent ten years and represented the CBK in various regional and international organizations including IIF and IFSB. Following that, Mr. AlQadhi went on to serve as the Chief Executive Officer of Kuwait Clearing Company (KSC) until he was elected Chairman of the Board of Boubyan Bank in April 2009. Once he succeeded in coaching the bank to bypass its financial crisis, Mr. AlQadhi resigned from the bank’s chairmanship in March 2012 to become fully-dedicated to his work with the Kuwait Clearing Company as Chairman of the Board and Chief Executive Officer in addition to his position as a member in the Kuwait Capital Market Committee which had started in 1999 and continues to the present date”.

Mr. Khaled Al-Khattaf concluded his statement by saying: “The appointment of Mr. AlQadhi underlines the strong belief of the Board in the capabilities and talents of the citizens of the Gulf Cooperation Council Countries and in their abilities to lead regional organizations, of which GIC is an example”. He wished Mr. AlQadhi all the best of success in running the corporation.

In his turn, Mr. Ibrahim AlQadhi expressed his sincere appreciation to the Board for its decision to select him as the Chief Executive Officer of Gulf Investment Corporation. He added that he will do his utmost to help strengthen GIC to prosper further and achieve the seminal goals for which it was created.